Goldman Sachs ValuationDate: 6/02/2015

Current 1 2 3 4 5 Steady state

Risk Adjusted Assets (grows 3% a year for next 5 years) $ 570,313 $ 627,344 $ 690,079 $ 759,087 $ 834,995 $ 918,495 $ 940,539 Tier 1 Ratio 13.8% 13.4% 13.1% 12.7% 12.4% 12.0% 12.0% Tier 1 Capital (Risk Adjusted Assets * Tier 1 Capital Ratio) $ 78,433 $ 84,077 $ 90,066 $ 96,412 $ 103,126 $ 110,219 $ 112,865 Change in regulatory capital (Tier 1) $ 8,477 $ 5,644 $ 5,989 $ 6,346 $ 6,714 $ 7,093 $ 2,645 Book Equity $ 82,797 $ 88,441 $ 94,430 $ 100,776 $ 107,490 $ 114,583 $ 117,399

Return on Equity (ROE) 10.8% 10.6% 10.5% 10.3% 10.2% 10.0% 10.0% Net Income (Book Equity * ROE) $ 8,477 $ 9,416 $ 9,901 $ 10,403 $ 10,923 $ 11,458 $ 11,733 - Investment in Regulatory Capital $ 5,644 $ 5,989 $ 6,346 $ 6,714 $ 7,093 $ 2,816 FCFE $ 3,771 $ 3,912 $ 4,057 $ 4,208 $ 4,365 $ 8,917 Terminal value of equity $ 135,111 Present value $ 3,456 $ 3,284 $ 3,121 $ 2,966 $ 90,070 Cost of equity 9.1% 9.1% 9.1% 9.1% 9.1% 9.0% Value of equity today = $ 102,897 Number of shares outstanding = 435.62Value per share = $ 236.21 Stock price as of valuation date = $ 183.43 Margin of Safety 22.3%